Polygon Patched Exploit that Could Have Put 9B MATIC at Risk

Polygon Patched Exploit that Could Have Put 9B MATIC at Risk

The Polygon Network workforce revealed that they’d patched a significant safety vulnerability in a current community improve. The workforce was knowledgeable of the exploit by way of white hat hackers and the ImmuneFi bug bounty program.

The workforce at Polygon Network has revealed that it had patched a significant exploit that would have affected 9 billion MATIC tokens via a current community improve. Published on Dec 29, the blog post talks about how the bug bounty platform ImmuneFi had labored with Polygon’s core improvement workforce to handle the problem. 

Polygon discloses main bug patch

The improve passed off with out an announcement on Dec 5. To maintain the important community vulnerability a secret so that it wouldn’t be exploited, the workforce made no point out of an improve. The improve itself brought about no points with the community and no person was affected after the entire incident. 

Polygon’s co-founder Jaynti Kanani was pleased with how the workforce managed the state of affairs, saying that such a state of affairs was inevitable for all tasks;

All tasks that obtain any measure of success ultimately discover themselves on this state of affairs. What’s essential is that this was a check of our community’s resilience in addition to our capability to behave decisively beneath strain. Considering how a lot was at stake, I consider our workforce has made the most effective selections doable given the circumstances.

A white-hat hacker first submitted a report on the exploit to ImmuneFi, which has a $2 million bug bounty program. The workforce swiftly started wanting at fixes as soon as they discovered of the vulnerability, and it took two days to repair the matter. 

The Polygon workforce paid $3.46 million in bounties to 2 white hat hackers who helped uncover the bug. However, one attacker managed to steal 801,601 MATIC earlier than the patch, however the Polygon basis will bear that expense.

Exploits nonetheless a significant risk for DeFi

The Polygon workforce is lucky that they have been knowledgeable of the vulnerability and never an excessive amount of harm was carried out via the exploit. The DeFi market particularly has been topic to quite a lot of assaults this 12 months, because it hosts some huge cash. Most of those have been flash mortgage exploits, which stay probably the most standard approaches by malicious attackers.

Cream Finance, for instance, suffered three flash mortgage assaults this 12 months, shedding $130 million within the final assault which passed off in late October 2021. Between January and July 2021, the DeFi market misplaced a complete of roughly $474 million, in accordance with a report from cryptocurrency intelligence agency CipherTrade.

An exploit of Polygon would have doubtless despatched shockwaves via the crypto world, as it’s a celebrated venture which has made nice inroads over the previous 12 months. The venture has carried out properly on all fronts, most lately having Uniswap V3 launch on its community.

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